Prince Alwaleed, owner of London’s Savoy hotel, said in March that he would sever ties with [Forbes] after its annual rich list valued him at $20bn, not enough to place him in the coveted top 10. Despite being pronounced the richest man in the Arab world, Prince Alwaleed accused Forbes of “intentional biases and inconsistencies” and insisted his real value was nearly $30bn. He has now filed a defamation claim in London’s High Court against Forbes‘s publisher, its editor, Randall Lane, and two of its journalists. Forbes said it stood by its story. [Telgraph]
The Private Office of His Royal Highness Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud and Kingdom Holding Company announce that they have ended their long-standing relationship with the Forbes Billionaires List. The relationship was severed in a letter from His Royal Highness, Chairman of Kingdom Holding Company, to Mr. Steve Forbes the Chairman and Editor-in-Chief of Forbes, requesting that the Prince be removed from the list and informing Forbes that KHC officials would no longer work with the Forbes valuation teams. Prince Alwaleed has taken this step as he felt he could no longer participate in a process which resulted in the use of incorrect data and seemed designed to disadvantage Middle Eastern investors and institutions. [FT Alphaville, related]
Paulson! Simons! Soros! Cohen! Icahn!** Tepper! The gang is all here and while making the list might be a ho-hum event for some, for others, like a guy who employs a dancing and singing pig on his household staff it’s a moment they weren’t sure was going to come, had the list been published after April 15. Read more »
Forbes dropped its list of the world’s most powerful billionaires and none other than Hizzoner holds the first spot, thanks to a fortune estimated at $17.5 billion and an ever-growing media empire, and the fact that he doesn’t take shit from anyone.
Check out who else made the list. Anyone overlooked?